The CRS analysis is HERE.
The Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648), which was passed by the House by a vote of 386 to 27 on October 4, 2007, would exclude qualified COD income. Mortgage debt cancellation can occur when lenders restructure loans, reducing principal balances, or sell properties, either in advance, or as a result, of foreclosure proceedings. If a lender forgives or cancels such debt, current tax law treats it as cancellation of debt (COD) income subject to tax.
Note : A version of this bill passed unanimously in the Senate on Dec.14th.
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